Unique Fulton River District Mixed-Use Building Available For Sale
Essex Realty Group, Inc., an investment real estate brokerage firm based in Chicago, has been exclusively retained to market for sale 401-409 N. Milwaukee Avenue, an exceptional mixed-use investment opportunity. Situated on a triangular parcel in Chicago’s Fulton River District, the property features one-of-a-kind apartments and multiple income streams. The property is listed for sale at $4,400,000 by Essex Principal Jordan Gottlieb and Director Brian Karmowski.
“401-09 Milwaukee is a rare opportunity to acquire a truly unique property in a phenomenal location. The Fulton River District and the surrounding areas continue to experience tremendous development and growth, which will only work to further increase the investment potential of the Property,” explains Karmowski.
The property is comprised of six spacious apartments, one first floor restaurant space occupied by Perilla, a billboard, and a six-space parking lot. The apartments are incredibly unique and spacious. The units all feature granite countertops, stainless steel appliances, and washer/dryer in-unit. Some of the units also have unique loft style features including timber beams, exposed brick, and 12-15 foot ceilings. The first-floor restaurant is approximately 3,936 SF and also has a large basement and large outdoor patio area. In addition to apartment and commercial income, the property also generates monthly income from a 24’ x 25’ billboard leased to Outfront Media Chicago.
Gottlieb adds, “This is an incredibly rare opportunity to purchase a building of this size and quality in this location so close to River North, Fulton Market, West Loop and the central business district. The building is unique and creates value from several different revenue streams,” explained Gottlieb.
The property is situated on the northwest side of the Milwaukee Avenue, Des Plaines Street and Kinzie Street intersection, across the street from Blommer Chocolate Factory, Fulton River Park and Jewel-Osco. Chicago’s Fulton River District is considered one of the many distinct communities of the West Loop. In recent years the West Loop’s traditional factories and industrial buildings have converted to luxury loft condo buildings and been cleared for new multi-family developments generating an influx of homeowners and renters. Tenants are drawn to the neighborhood’s prime central location adjacent to popular neighborhoods such as River North and West Town. The neighborhood also benefits from easy access to public transportation and close proximity to Chicago’s Loop.